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Business Management > Business Management > Flashcards

Business Management Flashcards

1
Q

What is the definition of Entrepreneurship?

A

Entrepreneurship is the
process of establishing a
business to satisfy a need
in the market whilst taking
on the associated risks.

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2
Q

What is the definition of Entrepreneur?

A

An entrepreneur 
is an individual who starts
up a business and takes
on the associated risks
in order to satisfy a need
in the market.

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3
Q

What are the characteristics of a successful entrepreneur?

A
  • willingness to take calculated risks
  • strong networking ability
  • determination
  • innovation
  • resourcefulness
  • knowledge
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4
Q

What are the three business environments?

A

Internal, external operating, and external macro.

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5
Q

What is the internal environment?

A

The internal business environment involves factors a business has control over.

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6
Q

What are internal factors of a business?

A

Business values, employees, business structure, business model, and owner policies.

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7
Q

What is the external operating environment?

A

The external environment involves the surrounding factors that can impact a business which it has minimal control over.

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8
Q

What are external operating factors?

A

Supply chain, customers’ needs and expectations, competitors’ behaviours, suppliers, and unions.

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9
Q

What are the external macro factors?

A

Macro factors are social, global, technological, and economic conditions that a business works within, and has no control over.

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10
Q

What are external macro factors?

A

Global issues, legal regulations, the economy, global and technological developments, and social attitudes and behaviours.

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11
Q

What are the risks of entrepreneurship?

A

Time risk - investing time, waste of time
career risk - ruining career
financial risk - investing own money, obtaining loan

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12
Q

What is the desired outcome of risk-taking?

A

Taking calculated risks may gain access to more opportunities that can help their business grow and become more competitive.

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13
Q

What is the desired outcome of leadership?

A

Leadership should motivate and encourage employees to work towards achieving the business vision.

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14
Q

What is the entrepreneurship skill innovation?

A

Innovation involves developing new ideas and processes and finding new approaches to problems that may arise.

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15
Q

What is the desired outcome of innovation?

A

To develop new practices that improve the business’s operations (efficiencies and cost). Innovation should also distinguish a business from its competitors.

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16
Q

What is the desired outcome of communication?

A

Communication should reduce miscommunication and errors in the business due to clear vision and direction and should make positive changes from communicated feedback.

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17
Q

What is the entrepreneurship skill decision-making?

A

Decision-making is the ability to analyse situations and select a suitable course of action from a range of plausible options.

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18
Q

What is the desired outcome of decision-making?

A

Good decision-making should minimise mistakes and cost to the business.

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19
Q

What are the personal motivations for starting a business?

A

Financial independence, personal independence, to make a profit, to fulfil a market need, and to fulfil a social need.

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20
Q

What is the personal motivation financial independence?

A

Financial independence is the ability to fund a desired lifestyle without relying on income from another individual.

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21
Q

What is the personal motivation personal independence?

A

Personal independence involves a person being in control of your own decisions and actions.

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22
Q

What is the personal motivation to make a profit?

A

To make a profit involves a business generating more income than expenses it incurred.

23
Q

What is the personal motivation to fulfil a market need?

A

To fulfil a market need is when a business fills a gap in the market by addressing customer needs that are currently under met or underrepresented by competitors in the same industry.

24
Q

What is the personal motivation to fulfil a social need?

A

To fulfil a social need is improving society or the environment through business activities.

25
Q

What are the external operating factors?

A

Operating factors are the primary external factors impacting a business that it has some control over.

26
Q

What is the definition of manager?

A

A manager is an individual who has the responsibility of overseeing and handling employees whilst also running the day-to-day business tasks.

27
Q

What are the manager characteristics?

A
  • Determination
  • knowledge
  • strong ethics
  • flexibility
28
Q

What are the entrepreneur characteristics?

A
  • willingness to take calculated risks
  • strong networking ability
  • determination
  • innovative qualities
  • resourcefulness
  • knowledge
29
Q

What are the sources of business opportunity?

A
  • research and development
  • innovation
  • market opportunities
  • changing customer needs
  • global markets
  • technological developments
30
Q

What is the definition of research and development?

A

Research and development involves directing resources, such as money, towards discovering, creating, and introducing new products and processes.

31
Q

What is the definition of innovation?

A

Innovation involves creating and implementing new ideas, or significantly improving upon an existing service, good, or way of doing something.

32
Q

What is the definition of market opportunities?

A

A market opportunity is a need or want that is currently not being met by any other business.

33
Q

What is the definition of changing customer needs?

A

Changing customer needs are the transitions in the desires of customers

34
Q

What is the definition of global markets?

A

The global market is the area in which businesses trade goods and services, comprised of both businesses and customers across the world.

35
Q

What is the definition of technological developments?

A

Technological developments are the invention and innovation of tools that solve problems and enhance processes.

36
Q

What is the definition of business goals?

A

Business goals are what a business wants to achieve within a specific time frame.

37
Q

What is the importance of business goals?

A

Business goals
1. Allow a business manager and employees to work towards a goal
2. Give a business direction so the entrepreneur can plan strategies to achieve the goal.
3. Can indicate what strategies are successful
4. Allow a business to track the progress of the business.

38
Q

What is the definition of financial goals?

A

Financial goals are targets for improving the overall financial performance of a business.

39
Q

What is the definition of social goals?

A

Social goals are targets set by a business that aim to improve the welfare of the community, environment, or employees of a business.

40
Q

What are some examples of financial business goals?

A
  • expanding the business
  • increasing revenue
  • increasing profit margins
  • creating more productive business operations
  • increasing market share
41
Q

What are some examples of social goals?

A
  • reducing businesses impact on the environment
  • helping to resolve community issues
  • advocating for employee welfare in the community
42
Q

What is the importance of financial goals?

A

Helps achieve strong financial progress which is crucial for a business’s long-term success

43
Q

What is the importance of social goals?

A
  • improve business reputation so more customers want to shop there
  • supporting employees can improve employee motivation and performance
44
Q

What is the importance of decision-making?

A
  • decisions can impact the business’s success and is an important skill when goal-setting
45
Q

What is the definition of decision-making?

A

Decision-making is the ability to select a suitable course of action from a range of plausible options.

46
Q

What is the definition of business concept?

A

A business concept is a brief outline of the business’s idea, its main selling activities, and the features that will provide it with a competitive advantage.

47
Q

What is the definition of intellectual property?

A

Intellectual property is an original creation of the mind that can be legally owned.

48
Q

What are the types of legal barriers?

A
  • trademark
  • patent
  • copyright
  • domain name
49
Q

What does a trademark do?

A

A trademark protects a business’s logo, symbols, colours, packaging, and additional tools used.

50
Q

What does a patent do?

A

A patent protects the innovative method, process, or device used to stop others from selling the product.

51
Q

What does a copyright do?

A

A copyright protects an original creation such as music, writing, lyrics, and photographs.

52
Q

What does a domain name do?

A

A domain name reserves the website address for the business.

53
Q

What is the definition of market research?

A

Marke research is the process of investigating and analysing the activities and behaviours of customers and competitors in a specific industry.

54
Q

What is the reason for market research?

A

Market research can
- gain knowledge about the industry and what makes competitors succeed
- assess the potential success of a business concept
- can help a business gain a competitive advantage by reviewing data.

Business Management (3 decks)

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